SEC Fires a Warning Shot at SAC

SAC Capital Advisors LP said that securities regulators have warned the hedge-fund firm it may face civil charges over the alleged insider-trading scheme that led to last week's arrest of a former portfolio manager.

Tom Conheeney, president of SAC, told investors during a Wednesday conference call that the Securities and Exchange Commission sent the firm a so-called Wells notice last week, according to people who listened or were briefed on the call. A person familiar with the investigation said SAC has been told it is...